The franchise has been re-branded. The stadium is about done. Heath Bell is signed. Jose Reyes may not be far behind. Just when it seemed the Marlins had turned the corner, another cloud has formed. Once again, the team’s financial maneuverings are overshadowing the baseball product and Jeff Passan of Yahoo! Sports has a fresh bullseye on a familiar firing range.

The focus late Friday quickly shifted from free agency to a federal agency, specifically the U.S. Securities and Exchange Commission and its probe into the club’s stadium deal with the City of Miami and Miami-Dade County. The Miami Herald reported the SEC has issued subpoenas for all matter of material from the City and County regarding its stadium agreement with the Marlins.

The Marlins released a statement saying: We are aware of the investigation that the SEC is conducting on the issuance of the County’s and City’s stadium and parking bonds. Of course we will fully cooperate with the SEC’s investigation as needed and assist in whatever way possible. Because this is an on-going matter, it is not appropriate to comment further.

Additionally, a Marlins official said the investigation would have no impact on the club’s roster construction.

It may not have an impact from the team’s standpoint, but you have to wonder whether it could give some free agents pause. Fox Sports on Friday reported one potential roadblock between the Marlins and left-hander Mark Buehrle is the club’s policy not to give no-trade provisions. It’s a good policy in my opinion, and it didn’t hinder guys like Carlos Delgado and Hanley Ramirez from coming to terms. The Marlins have no plans to change it for Buehrle, Reyes, Albert Pujols or anyone else.

With the new stadium, the possibility of another “market correction” as the club termed its pre-2006 purge would seem unfathomable. Yet the investigation conceivably might unnerve free agents looking for deals of five-plus years. Ultimately, players in most cases follow the money, but whether warranted or not, some might shy away from not having no-trade protection in light of this new specter.

The Marlins earlier this week with their 3-year, $27 million commitment to Bell silenced skeptics who believed their dalliances with upper echelon free agents were some kind of ruse. Though the SEC investigation barely is off the ground, the Marlins already may have lost whatever small earnings they made in public trust.

This Federal Investigation on the Marlins and the City of Miami will lead to prison terms for a few people.

Yahoo Sports Tim Brown has an article about how corrupt it is in Miami.

And Jeff Passon has another anti-Marlins article calling the Marlins just “wacky” in their spending on free agents.

Meanwhile, Baseball Winter Meetings are coming up this week in Dallas. I hope all the Heat fans remembers Dallas. Home of the NBA Champs. I do like this time of the year where trades and F/A signings are done.

Just imagine if the Feds take down Selig, Loria and all those corrupt politicians in Miami. Oh Christmas is early this year!

Oh man, Passan must be loving this. The man’s been hating on Loria and Samson ever since the papers came out that eventually forced the Marlins to give a multi-yer deal to JJ.

I’d say I hope they find these rats guilt and give the Marlins to a real baseball owner, but look at the ownership situation now for several teams, especially the Dodgers. It’s a crowded market for baseball teams right now, and I’m not sure if the Fish can do better than Loria at the moment, unfortunately.